2. You invest $24,000 today into an investment that promises to pay you back $1,000 every year, starting a year from now(ordinary annuity). If your expected rate of return is 5%, compounded annually, how long will it take to recover your initial investment 3. The risk that a company fails to make a timely interest and/or principal payment on its bonds is known as? I 4. If sales this year are $50 million, and 9 years ago sales were $25 million, to the nearest interest rate, at what annual compound rate have sales been growing? 5. You borrow money to buy a car at 6.00% nominal rate, monthly compounding. The term of the loan is 4 years and the purchase price is $19,161. Assuming an ordinary annuity, you monthly payments are closest to? 6. Magill corporation has a $1,000 par, 9% coupon, annual-pay bond with 15 years left to maturity. If the annual YTM is 10%, compounded annually, the current price of this bond is closest to